According to a survey of mortgage lenders that has been released this morning, less people are applying for mortgage loans either to purchase a home or to refinance their existing mortgage loan .
Mortgage applications to refinance fell 0.8 percent
It has been reported by a weekly survey conducted by the Mortgage Bankers Association reported that mortgage applications to refinance fell 0.8 percent from a week ago in the week that has ended on September 25, while mortgage applications to purchase homes has shown a drop up to 6.2% from the prior week.
30-year mortgage rates finished the week at 4.94%
The weekly survey has reported that at 4.94% 30-year mortgage rates finished the week compared to a 4.97% rate a week earlier. Similarly, at 6.4% the one-year adjustable mortgage finished the week compared to a 6.52% rate a week ago.
Refinance applications comprised 65.3% of all mortgage applications
It has also been reported by the survey that refinance applications comprised 65.3% of all mortgage applications, while purchase applications accounted for 34.7%. Among all applications adjustable rate mortgage applications accounted for 6.2%, while fixed-rate mortgage applications accounted for 93.8%.